SK hynix (NASDAQ:SKHY) Stock Falls 1% – What’s Next?

SK hynix Inc. (NASDAQ:SKHY) shares traded down 1% during trading on Monday. The company traded as low as $146.29 and last traded at $147.71. 20,944,344 shares were traded during trading, a decline of 21% from the average session volume of 26,633,469 shares. The stock had previously closed at $149.21.

Analyst Ratings Changes

A number of research analysts have recently weighed in on SKHY shares. Needham & Company LLC raised their price target on SK hynix from $220.00 to $235.00 and gave the company a “buy” rating in a research report on Wednesday, October 28th. UBS Group began coverage on shares of SK hynix in a research report on Wednesday, July 29th. They issued a “buy” rating and a $204.00 price objective on the stock. Royal Bank Of Canada reissued an “outperform” rating and issued a $200.00 price objective on shares of SK hynix in a research note on Wednesday, October 28th. Wells Fargo & Company restated a “buy” rating on shares of SK hynix in a report on Wednesday, October 28th. Finally, Zacks Research upgraded shares of SK hynix to a “hold” rating in a research report on Friday, July 24th. Four equities research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, SK hynix has a consensus rating of “Buy” and a consensus target price of $247.80.

SK hynix Stock Performance

The firm has a market cap of $1.08 trillion and a P/E ratio of 11.70. The company has a debt-to-equity ratio of 0.06, a quick ratio of 2.29 and a current ratio of 2.59. The business’s fifty day moving average price is $168.89.

SK hynix (NASDAQ:SKHY) last issued its quarterly earnings results on Wednesday, October 28th. The memory chip maker reported $3.84 EPS for the quarter, missing the consensus estimate of $5.96 by ($2.12). The company had revenue of $73.86 billion for the quarter, compared to analysts’ expectations of $66.41 billion. As a group, equities analysts predict that SK hynix Inc. will post 25.28 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the business. Ramsey Quantitative Systems purchased a new stake in shares of SK hynix during the 3rd quarter valued at about $30,000. Richardson Financial Services Inc. acquired a new stake in SK hynix in the third quarter valued at approximately $50,000. Covestor Ltd acquired a new stake in SK hynix in the third quarter valued at approximately $60,000. Financial Management Professionals Inc. purchased a new stake in shares of SK hynix during the third quarter valued at approximately $129,000. Finally, Albion Financial Group UT purchased a new stake in shares of SK hynix during the third quarter valued at approximately $184,000.

About SK hynix

SK hynix Inc is a South Korean semiconductor company that develops and manufactures memory products and related semiconductor solutions. Its portfolio includes dynamic random-access memory (DRAM), NAND flash memory, solid-state drives, and high-bandwidth memory (HBM) used in computing, artificial intelligence, data centers, smartphones, automotive systems, and other electronic devices.

The company serves customers globally through manufacturing, research, sales, and support operations in South Korea and other major technology markets.